Garrett County Real Estate Market Summary – April 2025
Key Market Indicators
Based on the Bright MLS SmartCharts report for April 2025:
- Closed Sales: 35 homes sold, up 9.4% compared to April 2024 (32 sales).
- Median Sold Price: $400,000, down 24.2% year-over-year (from $527,500).
- Average Sold Price: $499,662, down 37.2% from last year ($796,062).
- Sold Dollar Volume: $18.3M, down 31.7% from April 2024.
- Days on Market (DOM): Homes took an average of 84 days to sell.
- Sale-to-List Price Ratio: Sellers received on average 91.8% of original list price.
Inventory and Contracts
- Active Listings: 221, up 32.3% year-over-year.
- New Listings: 53 up 1.9% compared to April 2024.
- Pending Sales: 43 total pendings, up 10.3% year-over-year.
Financing Breakdown
- Cash Sales: 15
- Conventional Loans: 17
- FHA Loans: 2
- VA/Other: 0
Market Dynamics & Analysis
- The sharp drop in both median and average prices reflects fewer high-end/luxury transactions compared to April 2024.
- More sales overall, but with lower price points dominating, shows demand shifting toward mid-market properties.
- Days on market rising to nearly three months indicates buyers are more cautious.
- Higher active inventory (+32%) gives buyers more options and negotiating power.
What Buyers Should Know
- Rising inventory and longer market times create negotiating opportunities.
- Mid-market and attached homes are seeing more activity, providing a broader range of choices.
- Sellers are accepting lower percentages of list price than last year.
What Sellers Should Know
- Luxury demand softened, so pricing realistically is essential to attract offers.
- Expect longer marketing times; staging and strong listing exposure are increasingly important.
- Cash buyers remain active (43% of sales), which may speed up certain transactions.
Takeaway
April 2025 in Garrett County highlighted a market correction: more homes sold, but at lower price points, pulling down both median and average prices. Buyers benefited from more options and negotiating room, while sellers faced a more competitive landscape requiring sharper pricing and presentation.